Checking Account. Check writing ability. ATM/Debit Card. Direct Deposit capabilities. Online Banking & Bill Pay

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1 Banking 101

2 Banking 101 Contents Checking Accounts Savings Accounts Balancing Checkbook Clearing Transactions Overdrawn Accounts ATM/Debit Card Direct Deposit Online Banking 2

3 Checking Account Check writing ability ATM/Debit Card Direct Deposit capabilities Online Banking & Bill Pay 3

4 Savings Account Earn interest on money in account ATM card Direct Deposit capabilities Transfer to and from checking when necessary May be used as overdraft protection 5

5 Balancing Checkbook Keep all receipts Write all transactions in register Balance checkbook to bank statement Trans. Type Check No. DATE DESCRIPTION OF TRANSACTION PAYMENT/ DEBIT(-) FEE(-) (IF ANY) DEPOSIT/ CREDIT $ /1 Conectiv - Electric Bill Visa 3/5 Mobil - Gas purchase Deposit 3/10 Paycheck Use Online Banking as a reminder of check numbers and dollar amounts. 4

6 Clearing Transactions - Timeframe Checks do not clear in order written Balance does not deduct post-dated checks Rely on checkbook balance not ATM balance Credits are posted to the account before debits All credits and debits are posted from highest dollar amount to lowest dollar amount ATM withdrawals and deposits may take longer to clear account 6

7 How Account Overdraws An account overdraws when items are presented against the account that available balance does not cover. Example of How an Account Overdraws: John has a balance of $200 in his account He writes a check for $120 to pay a bill He withdraws $100 from the ATM The check is presented to the bank and it overdraws the account, leaving a balance of -$20 Fees are assessed 8

8 Overdraft Protection Line of Credit (LOC) Automatic Transfer Service (ATS) Courtesy Overdraft Service 9

9 Line of Credit Overdraft protection is provided in the form of an unsecured loan A line limit is established and available for transfers when needed (as long as balance is available) Transfers made to checking in $50 increments until balance is positive 10

10 Automatic Transfer Service Funds are transferred by the bank from a linked savings account to the checking account when there are not adequate funds to cover withdrawals/checks Exact amount of overdrawn balance is transferred from savings to checking 11

11 Courtesy Overdraft Service Allows authorization and payment of one-time debit card purchases and ATM withdrawals when funds are not available in checking. Fees are assessed Does not require credit review

12 ATM Card ATMs offer a convenient way to perform bank transactions Withdrawals Deposits Transfers Payments Balance Inquiry 12

13 ATM Tips Accounts can be accessed from an ATM anywhere in the world, provided that the ATM and your bank are members of the same world-wide networks Examples of these Networks are STAR, PLUS, Cirrus, Global Access and NYCE Be aware most banks charge a fee for the use of ATMs at foreign institutions Most banks have a limit on the amount of funds you can withdraw daily 13

14 Debit Card Resembles a credit card usually has MasterCard or Visa logo Funds are electronically debited from your checking account May be used to make purchases 14

15 ATM/Debit Card Security Sign the back of your ATM/Debit card as soon as you receive it Do not give your PIN to anyone or keep it with your card Always put your money away before exiting ATM area 15

16 Direct Deposit Safety Your check will not get lost, stolen or damaged since you will no longer receive a check in the mail Speed The money is in your account the day you get paid 16

17 Online Banking & Bill Pay View account activity Transfer between accounts Pay bills View copies of checks View online statements Set up alerts to be sent when balance is low 17

18 What do I do? Missing a deposit? A check paid for the wrong amount? A withdrawal you do not remember making? Debit Card transaction that was not authorized? Contact a bank representative to assist you by: Phone: WSFSBANK In person: Visit any branch Bankmail: Through Online Banking 18

19 Thank you for banking with WSFS!